ST GILES-IN-THE-FIELDS AND WILLIAM SHELTON EDUCATIONAL CHARITY CHARrrY REGISTRATION NUMBER: 1111907 ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
Page I REFERENCE AND ADMINisfRATIVE DEfAILS St Giles-in-thFidd5 and William elton Educational (harity {the"Chari is a Registered Charity NO 1111907 and Is govemed by a sole corporate Trustee. This is St Giles-in-the-elds and William Shelton Educational Trustee Limited (company nwnber 11325502) (the Ynjstee?. The Directors of the Trustee are: Revd T Sander Revd D Peebles Ms H Roden MrOHory Mr H Robinson Ms N Wilson Revd J Pearson-Hicks Ms J Hannon Rector of St GIles-in-the-eIts Rector of St George's, Bloomsbury Churchwarden of St George s, Bl(MJm5bury urchwarden of St Giles-in-thtrFidds (Rappoirted 5 July 2022) Officer: Chalmian Clerk to Trustee Revd T Sander (appolrted 8 February 2022) Ms H Capper Professlonal Advlsers: Bankers: C Hoare & Co 37 Fleet Street Ldon EC4P 4DQ Unlty Trust Bank Nine Brindleyplace Blrnilngham Bl 2HB Investment Managers: Towers Watson Investsment Management Llmited 21 Tothlll Street London SWIH 9LL Reglstered Audltoys: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Sollcitor RLS Law Prlndpal Offlce Address: clo St leS Churd) 60 St Giles High Street London WC2H 8LG
Page 2 ljk THE TR EMBER 2 The Trustee submits its report accounts tr the year ended 31 Decanber 2022. srRucfuRE GOVERNANCE AND MANAGEMEKr St Glles-in-the-Fields and Wlllam Shelton Educattonal Charlty Is a Registered Charity {NQ 1111907). It was set up by a scheme of the Charlty Commlsslon dated ioth August 2005. This consdidated two former charities: Wllllam sheOn'$ Educatlonal FndatIOn (founded 1672) St Giles and 81oomsbury Education Foundats'on (origins in St Glles Charity School founded 1705). The Charity has a sole corporate truth- St Giles-Irrthe-Flelds and Willlam Shethn Educatlonal Trustee Ltd. The rettOrs of the Trustee comprfse four ex.offldo Dlrectors (the Rectors and one Churchwarden from St Glles-1n-thtrelds and St George, Bloomsbury) and up to four ctropted Dlrectors are appjinted by the Directors for a perfod of years (after which they can be r&appolnted). The (tharlty has adopted a recruitmenL selectlon and Inductton pollcy for ne Directors of the Trustee. New Directors may be sought by open advertisement or through open dialogue with relevant organlsatlons. All potential Directors are approprlately vetted and on appointment new Dlrettors slgn a model declaration ststement committing them to givlng thelr time and their expert(se. New Directors are provlded wth a file, bthlch Indudes a copy of the governlng documen¢ a copy of the latest annual accounts and a copy of CC3 The Essential Trustee publlshed by the Charlty Commission. They a Inltlally supported by the Chair arml are encouraged to attend relevant training courses. All Directors glve theSr tlme fr1 and no remuneration was paid during the year. Details of Directors expenses and related paty transattions are disdosed later in Notes 4 and 15 to the accounts. Direttors are required to dlsclose all relevant interests and register them wlth the aerk and in accordance with the Charitvs poiiq to withdraw from deasions where a conflltt of Interest arises. The Dtrectors of the Trustee meet quarterly to agree the broad strategy areas of artivty for the Charity, including c(sideration of grant making inve5tmen¢ reserves and risk management policies and performance. Ad(Itional meetlngs may be stheduled to d19yJss stratsgic planning and governan issues.
Page 3 R THE YEAR STRucfuRE GOVERNANCE AND MANAGEMEKf (c4Mltinu•d) The day-to-day operations are managed by the awk IrUdIng the financial administration. and the admin15tration of the grants. The Clerk (and other stsff) are employed by the St Giles-in-thtrFields and William Shelton Educational Charity to undertake administrdtion on their behalf and that of the St Glles-ln-th elds and Bloomsbury United Charity, and the salary costs are shared. This relationship with the other charlty has been fomallsed through the agreement of a fomal Memorandum of Understsnding agreed try the trustees of both charitle5, whlch was revleded durfng 2021. Together the charities are known as St Giles & St George. The Charlty Is a member of the Assooatlon of Charftable Foundations. This provldes much helpfijl Infomiatton on good practice in grant makj'ng and a wide range of tralning courses and acts as an authorltatlve lobby on behalf of foundations wtth the govemment and regulators. OBJEcmiES AND AcvE5 The Trustee conflrnis that it has referred to the gUan cOntaIr in the Charity CommlssSon s general guldance on publlc benefft wk*n remewlng the Charivs aims and objectives and In plannlng future activities and setting the grant maklng pollcy for the year. The Charlty seeks to dellver publlc benefit by rnaking grants to registered charities, 9xial enterprises, churches and xhools for activtties and projects, vA)Ich help to advan the objects of Charfty: (a) to promote education of children and young people Indudlng those In need of flnanclal asslstsnce resident or being educated in the area of benefi¢ and (b) to promote the education in ¢Xc0rdan wlth Chrlsuan prfnclples of chlldren and young people who are resident or educated in the area of benefit. The Charity aims to imwove the educational opportunitles of chlldren and young people from 0-25 years old, who are re5iden¢ or attending an educational insbtubon in our area of benefit. We understand educatSon In Its broadest sense, so we support a range of attivities that extend their social, mental and emotional development as well as enhan thelr leamlng. Area of Benefit In respect of the Charitr<s grant-making, tre area of benefit Is defined by 18 modern ecclesiastical parishes including St Giles-in-the-Fidds, St George's Bloomsbury, St Paul's Covent Garden, St Anne's Soho, St James, Plccadillyl St George'5 Hanover Square, St Martln-In-the- Fields, St Matthew Westminster, St Stephen s Rochester Row, St Gabriel's Pirnlico, St Saviourfs ptmllco, St Peterfs Eaton Square, St Michael's Chester Square, St Marfs Boume Street, St Bamabas Pimlico, St Jame$-LesS Westminster, St Paul's Knlghtsbrid9e, Hoty Trinity Prin Consort Ri)ad. During 2022, the Westsninster wards were rewsed so our area of benefft includes all of West End, Knightsbridge and Belgravla, St James s, VInct Square, Pimlico North and Pimlico South and a little bit of Lancaster Gate and Hyde Pa. Plus, the majorlty of BlcK)m5bury and Covent Garden & Holbom wards in Camden.
Page 4 ENDED 22 ACHIEVEMEKfs AND PERFORI4ANCE Summary olthe Year Durlng 2022, the organlsatlon has maintslned its grant-making but has also bn revlewlng Its own development and planning for the fvture. Covid-19 has no longer been at the forefront of our grant-making although many grantees port ¢M-going impacts of the pandemic on their beneficiarles, In terms of pO0r behaviour, lack of soft sknlls paCuladY teamworl patchy attendance and overall thallenges with mental health. The Charity has also responded to the cost-of-living crlsls by Sntrodudng the Famlty Welfare Fund (a programme offertng grants frir Indmduals). a) Governanc4 There was a smooth tran&tilK) to a new Chair as Revd Tom Sander took over the role at the beglnniThJ of the year. b) Human Regouyceg A review of staff capadty was completed in early 2022. The Twstee agreed to recruit a new part-tfme Grants Offir to supm the aerk in the adminlstration and assessment of the grants programmes, and they started in October 2022. The Charity chose to host an Assodate through the 2027 programme as a divetse recruitinent method. The expansion of the siaff team seemed an opportune tlme to undertake a ComprehenSe HR assessmert so we: Reviewed nUMeratiOn by benchmarklng to slmllar roles and then updated salaries. Engaged HR consultsnt to eW and utxlate employments contracts and pollcies. Reviewe(l and updated job descrfpkns to refiect up to date responsibilities. c) GI)vernan. Stratsgk Revlew This was a key objective identified in last yearfs accounts and there were significant steps forward durlng the year, tNJt it is still an ongoing pre$s. A board away-day was held in Septsmber 2022. A number of background papw5 hdped to prepare the context for the revrew: History of Charws grdnt maklng, and analysls of grants made In the last fve years Brief summary of key m(Klerni%ng movements in grant-making sertors Analysis of our area of deprivation (update of Indi$ of Multiples Deprivation info) Summary of grant-maktng by other local Westminrter Funders Feedback from grantees via an anonymous survey. Tre sesslon Itself looked at the core purwse of the organisation and started to define our Vision, Mission and Values. The Directors also discussed various topical issues including transparency and engagement; Climate Crisis; Collaboration; and Diversty, Equity and Inclusion. There were lots of great ideas and m(Ke work will be needed to shape this into a new thretryear strat.
Page 5 RT THE ACHIEVEMENTS AND PERFORMAN(2 (continu•d) Grant Maklng The Charfty cont]nued its grants programme and encouraged projects that Pdll Into five categories: Children and Families; Education and Leaming; Emotional Well-Being; Youth Clubs and Activities and Chrlstian Education. We have several grants programmes that refiect our strategic appn)ach: Small Grants: Max £3,0 for a revenue or capitsl grant Standard Grants: Max £10,000 for a rerfenue or capltal 9rant Communlty Investment Grant - Max £15,0(M) revenue per annum for up to three years Strateglc Grant- BetrNeen £15,OLX) - 50,OX) per annum for up b) three years. Grants to OryanlNitlon$ During 2022, the Charity awarded 17 grdnts totalling £315,574. This is loVr than rent years. In 2021, the Charity awarded 26 grants totslling £889,862 but this Included the exceptional Covid Education Recovery prc*Jramme. It Is slmilar to 2020 where we awarded 18 grants totalling £378,634. Small Grants - 6 grants totallirKJ £14,9)0 (2021: 2 for £13,005) Stsndard Grants - 4 grants totalllng £38,5CM) (2021: 5 for £33,303) Communlty Investment Grants- 3 grants totslllng £135,(m (2021: 7 for £299,850) Strategic Grants- 4 grants totalling £127,174 (2021: 4 for £102,823) The strategic and Communty investment grants have continued as usual as organlsations still need long-terni fvndlng. The number of smalllstandard grants Increased again as It became easler to dellver short-terni and one-off actlvltses In schTr)Is or in the local communlty. The majority of all grant recipients have received grants from the Charity in the pasL although there were four new reapients. The total amount of grants pald, Indudlng those awarded In prlor years, durlng 2022 was £508,353 (2021: £475,537) so this has rfsen for the slxth year In a row. The annual grant payments ranged from £500 to £38,258.
Page 6 FOR THE YEAR 022 ACHIEVEMENTS AND PERFORMANCE (contlnued) Grants to Oryanlsatlons (contlnued) Royal Phllharnionlc Orchestra (Small Grant): £1089 In January to dellver four crealfve music-making workshops for famllies with young childn in pathershlp with Pimlico Toy LibrBry. There We nearly 100 participants aOgether that enjoyed tying out new Instruments and playing Worfd Musld together In the small groups Impact Dance Foundatlon (Small Grant): £3,000 In March for a capaclty lIdIng grant to enable them to bring In an exF*rfenced Business Development manager on a consultsncy basis, so thelr Spa hlre strategy suM)orts thdr work youThJ people. The Plmlico Foundation (Snwll Grnnt): £3,000 in April to continue with thelr'messy Churth programme throughout the year. They offer a monthly Christian-therred craft sesslon for families at st James the Less thurch with hot meals for everyone - thls attracts 100-120 people every tlme. They have three speaal events at Easter, Autumn and Christmas wlth addltlonal attractions (like bourKy castle) and this attracts 2cKI people. Aus, there Is a separate Speclal Messy a)urch sesslon for about 20 chlldren wth spedal needs. NEW Royal Colkge of Musk (Small Grant): £1212 in April for a e-daY composition course for Year 8-9 sttjdents at MIlCO Academy to develop thelr muslc and creative skills, led by professlonal composer and RCM students. There We 21 pa.c1pants who are already tsn9 Music GCSE or may be interested iri this as a subject. South West Community Festival (Small Grant): £1,599 in May to enable Southwestftst 2022: A Bath of Fresh r to take aCe. Thls was a refresh followlng the pandemic, providing missed OPFQrtunitles and erfents for residents and community to come together. They delivered over 80 free and low<ost events. VK)rk]rKJ wlth 27 venue partners, 24 event partr£rs and 191 artists and perfomiers. Thls vlas attended by over 6800 people. NEW Posltlve Vlew (Stsndard Grant): £10,000 in May to deliver a 10-week photography based creative empowennent tryramme, for 10 young people aged 16-25 years old in Churchill Gardens. St Andrths Club (Small Grant): £3.000 in June to deliver their four-week summer project for children aged 5-9 a wtde range of activitS induding arts and crafts, board games, cookery, spotts and food. There were 74 childn attended the summer proje¢ induding 78% from Wesbnlnster and 64% vtho live In social housing.
Page 7 ILE RT FTHETR ACHIEVEMENTS AND PERFOR14ANCE (continued) Grants trj Oryanisatlons ((Jxrtlnued) ntsaw rin NEW Westside Baskethall Association (Standard Grant): £8,500 In February to Introduce weekly programme of communlty basketball sessions In South Westmln5ter, for Child n and young people aged 8-18. This aimed to overcome high levels of anety caused by the pandemlc arKJ lockdovm. Chlldren's Uterncy (Stsndjrd Grnnt): £10,000 In July to support a mlnlmum of 12 chlldren 2 x 45 mlnutes of l-l Ilterary support every week wlth tralned Ilteracy tutors at Soho Parish School. thiklren will tske part in aLtivities tsilored to the gaps in their learning and based on thelr Interests, galnlng Ilfe changlng Ilternry skjlls. London Basketball AMo¢lth: (Stsndard Grnnt): £10,000 In July to dellver a baskthll development programme supporting 150 disadvantaged young people aged 11-16, offering free weeY sesslons at St Andrebrfs aub. Thls will allow young people to develop their confidence and self-esteem for Imwoved engagement wth education and volunteerfng opportunltles. Caxton Youth Centre: £45,000 equally over three year6 In July to support core costs of their specla115t youth club In Westminster for young people wth leaming dlsabllltles aged 11-25. They provide a safe and inclusive space to be themselves, leam skllls, make frlends and bulld independence. They have five core educatlon programmes - Employment support Health, Independence, Opportunfttes and Soaal and Emotlonal well-belng plus regular resldentlal trlps. Plmlko Muslcal Foundatkn: £45,000 equally over three yearg in November to keep offering free, high qualty music education for thildren from dlsadvantaged backgrounds In Plrnllco arKI strengthenlng communty cohesion. have five strands to their yrk. In-schools programme offeriThJ high-qualty music proNision in local Fximarfes. Pimllco Chlldren's Cholr Nn as an after-sckM)ol dub, collecbng children from Ial prSmarles. Foundation Scholars offv5 free, advanced musical trainirvj for children who show potentlal. Plmlico Chorus are a group of choral amateurs who support the children's perforniances. Sing Out! PimSico Is a communlty outreath choir for anyone to fvln, ftKusing on musicals or pop. Holborn Community Association: £45,000 equally ovw three years in November to maintsin Its free under 5s play Se, SUPWting over 300 families in the earfy sodal development of children and reduang the impart of inequallty on thelr Ilves. They offer drop-ln soft play sessions four momings a wed( during terni time and occasional special events and trips.
Page 8 ILE NAL ACHIEVEMENTS AND PERFORMANCE (continual) Grants to Oryantsakns (continu) During 2014 Trustees agreed to allocate a more substantial amount to support inttiatives to address one or more of the CharitVs priorities in a strategic way, to improve educational outcomes for young children and young people in 9)uth Westmlnster. The process for these grants has evolved. There were four strate9iC issues or partnerships 5UPPOrted durlng 2022. i) Soho Parlsh prfmary sctrml approached us for assistan wrth funding Positive Handllng tralnlng to manage child outbursts and behaour which was more challenglng as chlldren returned to soaal situations po&-Cthfjd. Tly found a provider who trained one stsff member wlth ay on-site training course. Then they are enabled and supported to cascade the tralnlng to other staff members. The challenge In small sd)ools is when that person leaves so Soho Parish suggested we support schools that want to partiapate. We agreed to support 50% ontrlbution towards the training cosL The total grant was £3,500 - £500 per school for ven partlclpatlng school& 11) Famlly Thernpy In Schools The Charlty has supported Famlty Therapy in schools for serferal years as It fits wlth our priorittes. Post<ovid thls became even more Important, so we offered to continue funding 65% of half day pmi%on and schools could choose thether to vrt( wth Anna Freud Centre or St Wincenvs Family Project. In 2021 we supported nine primary schools in our area of benefi¢ but thls reduced in 2022 to slx schools as budgets continue to be squeezed (wlth £7,150 for St Clement Danes h0o1 usng the grant to fund in-kN)use famlly therapist) so the total cost was £38,258 (£51,535 In 2021). Anna Frnud Centre: £14.300 In July to deliver fdmlly theraFry In two schools for one year from September (Soho Parish and St Gabriel's). St Vlncenvs Famlly Projetr. É16,808 in July to deliver farnily therapy in three schools for one year from September (MIlCO Primaryi All Soul's, and St Bamabas). iii) Speech and Language Therapy in SdKX)Is DurfThJ 2020, the Charity offered 50% contribution for sch(S to agree an SLA with an extemal provider, this includes Central London Communty Healthcare NHS, Whittington NHS and London Chlldren's Practrce. In December 2020, a grdnt of £37,650 was agreed to support ten schoo15 for a quarter or half day provision for four tenns from Easter 2021-Summer 2022. In May 2021, a grant of £8,720 was agreed to SUPPOrt three rn0 sthools during academlc year 2021-22.
Page 9 IsfD EMBER 2 22 ACHIEVEMENTS AND PERFORMANCE {contlnued) Grants to Oryanlsatlons (contlnued) Speech and Language Therapy: £31366 in May 2022 to fund SaLT for 12 schools and one nursery. Atogether, the CharTty ts support5ng 12 out of the 14 prlmary schools In the area of benefit. 8 schools and a nursery are working vlith Central London Communlty Hea]thcare mostly for ha day provlslon wlth one school opfjrrfJ for quarter day provislon. This grant Is only for tsvo terms as thelr contract renewal wll be in April 2023 rather than September 2023. 3 schools opted for half day provislon Lornlon Chlldren's Practi. I school opted for half day provlslon wlth whIttlngt NHS who covers Camden. Iv) Partnerghlp wlth Y(wNJ We5tmlnster ndation Young Westmlnster Foundation manages the annual Brighter Futures fvrKI offerfng fundlng to organlsatlons supportlrrfj young people In Westmlnster, wlth fijnds comlng from Ctty of Westsninster and thelr corporate partne. The aerk thaired the decislon-maklng at the Grants Panel meetlng and the Charfty contributed grant fijnds to ttrSe projects that work in the south. £10,000 to Platform Crfcket for crfcket coachiThJ (with £14,700 from other fijnders) across several schools in SOLth Westmlnster £2,000 (out of £11,000) to Eat aub to deliver tWK) healthy cooklng ar eatlng session in the youth hubs in the south £io,ooo to Sport4Health (with arothw £5,OW from BFF) to contlnue and expand weekly sports sesslons for students £3,500 to Mousetrap Theatre for delivering StsgeExThange drama programme at St Andrews youth club. £IO,(KK) to Fitzrovia Community Centre to de1iver'Chatterfoo slx speech and language courses (slx weeks long) for parents and their young children. £5,000 to Family Lives (with £25,000 from elsewhere) towards boroLMJh-wlde young care projert £6,OCK) to Unfdd (with £4,CQO from BFF) towards mentorlng for aswum seeklng young people. The Covid Education Recovery Programme grant was awarded in 2021 for the 2021-22 and 2022-2023 academic years. During 2022, the Trustee took the difficult decision to withdraw approval for three schools due to a lad( of communication from them (see note 18 in 2021 accounts). The grant for a fourth school was later reduced wn they could not provide Informatlon for 2021-22. An Interfm erfaluatlm report has been woduced for the first year of the programme.
Page 10 NED RE RT ACHIEVEMErirs AND PERFORMANCE (contlnued) Grants to Oryanisatio (cltInued) Famlly Actlon (Frlendshlp Works): £21962 In October 2017 to expand thelr mentoring into south Westminster through six new mentorSro relationships over two years, with £15,(NJO in first year and £7,962 In second year. The adult volunteers a carefully screened and tralned before belng matched with a child, aged 7-13. are encouraged to take the thlldren out at weekends to build frierKlships arKI urKlertake educational activibes. Due to challenges In developing referrals (and then Cowd) the project has been slow to progress. By the end of 2022, seven matches had started but four had fallen through, two were ongolng (over one year) and one match has finished. Two chlldren We waltlng to be matched. St Andrnv/s Club: £30,000 In May 2019 (completed in June 2022) tardS the core costs of running the youth club for three years. It Is a large bulldlng wlth several different SPaS for lots of different aCtive$, Including a gyn). It is open seven days a week for children and young people aged 5-18 and approx 700 members at any one time. In October 2021, they athleved 'gold quality mark, from London Youth. Doorstep Llbrary Network: £45,000 equally three years In February 2020 to support home-ading support In Churchlll Gardens. They offer a weekty reading and library Serv1 dellvered dlrectly to famlly homes by thar trained volunteers. The grant funds I0 sessions, with eight lUnteets each session wong In palr5 to vlstt families each time. St Clement Danes Prlmary School: £1,500 equally over three years In August 2020 to support a multi-year arts project in partraship with October Gallery. The project wlll offer 14 facllltated art workshops each year for puplls plus 2 stsff tralnlng sesslons. They alm to embed art across the curriculum. Dream Arts: £45,000 equally over three years in October 2020 to fund the Saturday Experiment programme at The Abw Centre. It offer5 approx 35-40 children aged 7-13 years an affordable theatre school opportunity to develop their personal and social skllls, and devise and present their own creative work. They chose to work on process ratr than pr&Jurt (due to attendance Issues and need to bulld teamv•)rk skllls) so the culmlnatlon was a small Ylnal sharing, with family arKI friends. Future Men: £45,000 equalty over three years in Octrjber 2020 to run Churchlll Gardens Youth Club. They prowde open access, sesgonal and targeted youlh vth on three days per week from 4pm-8pm, for children and young people aged 8-19. Westminster Befrlend a Famlly: £43,350 equalty over three years In January provides core fijnding over three years for their work supporting south Wesfminster families. Their main projects are Broadening Horizons proiert to improve the educational aspirations of disa(fvantaged young peOe aged IIF18 through homewo support and mentoring. Also, their new Mentoring for Mums (M4M) programme supwrts mothers whose children a at school who want to make positive changes in their lives using a goal-ftKused approach.
Page 11 LLIAM SHELTON EDUCATI ACHIEVEMENTS AND PERFORMANCE (conlinued) Grants to Organisations (continual) Pimlico Toy Llbrary: £45,000 equally over three years In January 2021 to contrlbute to the core costs of the toy Ilbrary for three years. wfL aims to provide a safe and secure space for pants and carers to brfng thelr young children to play and to borrow from their stock of 1,900 toys. Nonnally, ttw open for two 2-hour sessions every Monday, Tuesday and Wednesday In the mornlng and aftem(MJn. With capacity for up to 15 chIldn at any one session, they have 4,230 thild play spaces each year. They also ggnpost to other senrfices and offer 1-2-1 sesslons. St IfincenY$ Famlty Projert: £45,(M)O equally over three years In January 2021 to contrfbute to the salary of the Creative Arts Therapy Manager for three years. They oversee students provlde therapeuuc sUPPOrt (ar¢ drama and dance) to children aged 13 years SQ they can manage thdr feelings and show better copSNJ behaNiours. Theg rve referrals from local schools, Early Help and other tharitses. They expert to support apwox 25 chIldn per annum. Famlly Uves: £37,500 equally over three yearJ In May 2021 to contrfbute towards a befriending servitr for families wtth children aged F16 years offering 1-2-1 emotional and pradcal supp)rt. The volunteer befrienders provide weekly support (up to 2 hours) for slx months. The referrals come dlfferent pla, and they expert to support 25 famllles per year. After the first year, the grant was amended to refiect number of paCIpants from South $0 revlsed grnnt Is £25.%K) (Year 1- £12,500 tt*n £6,500 In Years 2 & 3). Canlinal Hume Centre: £45.000 equally (wer three years In May towards the Famlly Centre and Garden offerfng supwrt to famllies with children of all ages to play, leam and grow. The Centre offers a nurturfng envlronment vlth fun and educational activities 6 days a week. They alm to Increase leaming and attainmen¢ s(Kial and emotional developrnent of the chIldn and Improve famlly reslllen. St Barnabas Prfmary School: £45,000 equally over three years In July to contribute towards a whole school music intervention from London Music Masters for academic year 202(F21. They teach violin and musc thills b) all puplls and parents can also come In after- school. The pupils all receive a vtolin that they can take home to practise with. They have delivered f to fa where ky)ssible and offered dlgital sesslons en schools We closed. Covent Garden Dngon Hall Trust: £39.OIKI in November towards salary of youth Yrker delivering the after-school, transitions and senior youth dub for three years from September. They promde free weekly after-school provision for children aged 8-18. There are sessions every day for slightly different age groups. They have a range of activities Indudlng homework support and fun stLrff - sports, arts and crdts and anema dub plu5 trips. The Seniors. aub provldes sessions that are intended to prepare for employment or further education.
Page 12 HEL THE YEAR ENDE 22 ACHIEVEMEKfs AND PERFORMAN (contlnued) Grants to IndIdual$ In response to the Cost-Of-LIng crisis, the Charity set up the Famlly Welfare Grdnt Progrdmme making grants available to families living (or with children at school) in our area of benefi¢ with an initlal budget of £10,000. the programrne VAII pr(Thlde grants that efit chlldren withln the famlly: Cooker/FridgelFreezer so chlldren wlll not go hungry WashlThJ Machine so they can have dean clothes Bedslmattresses so tw get a goLKI nighys sleep Table and chalrs for eat5ng arKI studying Sthool Unlfom. The maxlmum grant Is £500 although most are In the region of £3(M). There Is a max of £65 for primary sthod unifom) and £250 for secondary scho)l. All appllcauons are assessed. The Chalr or awk has delegated authorlty to approve grants within the grants guidelines but If there a extraordSnary drcUMstan It must be approved by tvrt) (out of 4) Dlrectots on Grants Committee. The Family Welfare Fund awarded 21 grants during 2022. The totsl amount approved was £10,232 although the actual expenditure was £10,047.52 due to savlngs athleved when orderfng (only £8295 was paid durfng 2022 due to different timings). The average grant was £487. Thls Is hlgh because 8 grants (38%) of the grants were higher than the maximum of £51X) as they needed mctt than one appliancelfurnltyre or one applian and school unifomi: 13 famllles (62%) reVe grants for school unlfom) 6 families (28%) wanted grdnts for chlldren's L*d or mattre Also funded 2 washlng machines, I cooker. l fridge freezer. I laptop, 3 tsbles and chalrs and a sofa.
Page 13 FINANCE REWIEW Results for the Year The Charlty has had a quleter year as the large grant commltsnent to the Colid Education Recovery Programme is nearfy complete. The hlgh grant payments over the last two years have depleted the cash reser and the Charfty has wlthdrawn funds from thelr finandal Investsnents. Durlng the year, the Dlrectors resolved to Sncrease the acce5sibilty of Unrestricted Jnd5 so viith the peIssIon of the Charity Qimmlsslon we moved £2.4m Property Investments into the Pemianent Endowment and equivalent amount of Flnancial Investments from the endowment to Unrestricted Funds. Income amounted to £392,520 (2021: £378,184) and consl#ed of rentsl Income and Interest receivable. Expendlture amounted to £410,048 (2021." £885,907) vAth £376,917 (2021: £860,320) belng incurred on Charftable Activities, notsbly grants awarded, Includlng multi-year grants. Cost of ralslng fvnds amounted to £33,131 (2021: £25,$87). Net expendlture for the year before tsklng account of galns and losses on Investsnent assets arn(HJnted to £17,528 compared to £507,723 In the precedlrYJ year, largely due to less grant-makirKJ. The financial investments reduced in value during the year, in line wth global fflarkets. After taking account of the impact of losses on investments of £137,888 (2021: galns of £433,820) and a gain on revaluation of the Investrnent Propertles of £577,500 (2021: loss of £624,500), the Charfty recorded net income for the year of £422,084 compared to the preceding year net expenditure of £698,403. The perf0mlan for the year has lted In Unrethcted Funds at the year-end amountlThJ to £2,453,766 and Pemanent Endowment Funds of £8,539,689. The Assets comprise Investment Properties of £8,082,600 (being 17 Castle Street, Hinckley; 12 Flitcroft Street. London; arid 41H2a Parer Stree¢ London), Investments of £3,689,512, Debtors of £472,256 (including Accrued Rent of £50,239 and the Tenanys Deposlt of £303,672) arKI Cash Balances of £54,646. The Tnkn prorM)ses to malntsln the Charws cath reserves at a level whlch Is approximately equivalent to six months total expenditure including its grant making, as they want to sustaln the rent increase in grant gmng. At the momen¢ this represents target of approximately £254,CQO con&stirKJ of: general running costs of £30,OIXJ loan repayTnents of £19,000 grant payments of £205,000. Based on figures In the 2022 accounts, tr Charity has only £116,624 in cash reserves. There is also £2.7million of unrestrictsd funds In finanaal Investrnents. The Charlty wlll withdraw funds from the inve5bnents to build up Its reserrfes to the tsryet level.
Page 14 RT FINANCE REVIEW (Contlnued) Investrnent Pollcy The Trustee's objective Is to ensure that Charitfs invested assets lUCe capital growth to provide current funds adequate to accompllsh Its speclflc purposes, whllst malntalnlng to the extent pose the real value of the portffiollo over the longer tenn. They agreed to adopt a moderate risk profile. The Tnts revlews the portfdlo and cash balanS on a periodic basis. PLANS FOR The FirruRE The alms of the Trustee Include: Governance - to undertake a strateglc reW and develop a three-year Strategy and development plan addressing key themes of impact collaboration, diversity, transparen and addressng climate thange. Grants - develop a neN mmltoring and evaluati framewTh* to support the strategy. Grants - launch newlrevlsed grants progrdmmes following trE strateglc revlefil. Prfnclpal Rlsks and Uncertalntles The Trustee considers rlsks In flve key areas: strategy, govemance and management; operational; finandal. environmental and extemal; and legal and ststutory. Atl Identified risks are assessed for both Ilkellhood of Occurren and the potentlal financlal and reputational impatt to glve gross risk. Mltigating controls are consldered, gmng a net remainlng rfsk. The rlsk management strategy fomis part of the planning tmcess, against v¥hich tre Trustee considers risks throhOUt the year. As a small charlty, a key govemance/operdtional risk is the loss of core staff suth as the aerk or the Chair although the Charty is developing wrttten pr(Kesses and pr0ttdUs to help with handover situations. The main financial risk lateS to loss of income, spedfically a tenant defaulting on the rent but also poor investsnent Frf0M3nce leading to lower capital returns. In respect of financial rlsk, the Trustee assesses the income risk and reser¥es le15, and believes that the readlly realisable reserves at the levels stated v11 pffjNide suffiaent resources In the event of unplanned events or adverse corKlitions.
Page 15 IN-THE- AND srATEMENT OF TRusfEES RESPONSIBILrrIES The charis Trustee is responsible for preparing accounts for eath financial year that give true and fair wew of the Charivs financial artivitj'es during the year and of its stste of affalrs at the end of the year. In preparing the accounts, the Trustee should follow best practice and: select suitable accounting polioes and apply them consistenty. make Judgements and estlmate5 that are reasonable arml pnxlent. stste whether applicable accountlng standards have been followed subject to any material departures disclosed and explairled in the accounts; prepare the accounts w the going concern basls unless It Is Inapproprfate to presume that the Charity will continue to opazte. The Trustee is responsible for keeplng proper accounting records which disdose with reasonable accuracy at any ttme the financial position of the Charity and which enable them to ensure that the accounts comply with the ljwrities Act 2011. They a also ponSIble for safeguardlng the assets of the Charity and hence for tsking reasonable stsps for the prevention and detertton of fraud and other IrregularTtles. By order of the Trustee and slgned on thelr behalf Revd T Sander Chair, for and on behalf of The St GIle5-In-thFleld5 and Wllllam &tOn Educailonal Trustee Limited Ig19 . 2023
Page 16 F THE INDEP Drr Opinion We have audited the financial Statnents of St Glles-ln-thF1eIdS and Wllliam Shelton Educational Charity (the 'tharity) for the year ended 31st December 2022 which comprise the Statement of nanCIal Actiwties, the Balan Sheet and notes to the financial statements, Including a summary of significant accountlng policies. The finanaal repK)rting framework that has bn applied In thelr preparation is applicable law and Untted ngdorn Accounting Standards, including financial Reporting Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republlc of Ireland, (United ngdorn Generally ACpted Accounting Practice). In our oplnlm, the flnandal statements: glve a tsue and fair view of the state of the Charrtvs affalrs as at 31st December 2022 and of Its incoming resour and application of resour for the year then ended have been properfy prepared in accordan wlth Unlted lQngdom Generally Accepted Accountlng PractSce have been prepared In accordance th the Chaiities Act 2011. Basis for opinion We conducted our audit in acu)rdance with Intematlonal Stsndards on Audlttng (UK) (ISAS (UK)) and appllcable law. Our responslblllties under those stsndards are further descrlbed In the Auditorfs resF)onsbilities for the audlt of the finan¢lal statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant tt) our audlt of the ftnanclal ststements in the UK, IndlIng the FRCS Ethical Standard, and we have fijlfilled our other ethical responslbllltses In accordance with these requlrements. We believe that the audlt evidence we have obtsined is sufficient and appropriate to provKle a basis for our oplnion. Conduslons relatlng to going concern In auditing the finanaal statements, we have conduded that the tru#eeg use of the golng conrn basls of accounting In the preparation of tr* flnandal ststements Is approprfate. Based on the work we have perfmed, we have not identlfied any materlal uncertainties relating to events or condltlons that, indivldually or ColltiVYff may cast slgnificant doubt on the charws ability to continue as a going conrn for a perrfod of at least twelve months from when the finanaal ststements are authorlsed for isgje. Our responsibilities and the reSp)nsibllles of trustees Vth respect to golro conrn a descrlbed in the relevart sections of this prt Other Informatlon The other infomation comprfses the Infomatlon Induded in the annual rew)r¢ other than the financial statements and our auditorfs repM)rt thereon. The tntstee is responsible for the other Infonnatton. Our opinion on financial staternents doe5 not cover the other infomiation and we do not express any ft)rm of assuran condusion thereon.
Page 17 REP S-i L• In connection with our audit of tre financial ststements, our responsilylity is to read the other infonnation and, in doing so, consider whether the other infomation is materially inconsistent with the finanaal ststements, or our krK)wledge obtsined in the audit or otheTrvise appears to be materially misstated. If we Identify suth materlal Inconslstencles or apparent materfal misstatements, we are requlred to determine whether there is a material misstatement in the finanoal statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there Is a materlal mlsststement of thls other Infomiatlon, we are required to report that fact. We have rK)thing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respett of the following matters where the Charitie5 Act 2011 requlres us to rep)rt to you If, in our oplnlon: the inforniation given in the Report of the Trustee Is Inconslstent In any materfal respett with the financial ststements. or sufficient accounting records have not been kept; or the flnanclal statements are not In agreement wth the accountln9 records; or we have not received all infomation and explanations we requlre for our audlt. Responslbllltles of Trustees As explained more fully in the Statement of TnIS s Responslblllt5es, the trustee Is responslble for the preparation of the flnanclal statements and for belng satlsfied that they glve a true and fair view, and for such Internal control as the trust detemiines is necessary to enable the preparatlon of finanaal ststements that are free from material misstatemen¢ whether due to fraud or error. In preparlng the financlal statements, the trustees are responslble for assesslng the tharivs ability to conts'nue as a golng concem, disdosing, as applicable, matters related to 9olng concern and uslng tr* going contrrn basis of accountlng unless the trustee elther Intends to Ilquldate the Charity or to cease operati(WkS. or have no realistic altematlve tArt to do so. Audltorfs responslbilltles for the audlt of the flnandal ststements We have been appolnted as audltty under sectlon 144 of the Chantles Act 2011 and ptrt In accordan wlth the Act and relevant regulatlons made or havlng effect thereunder. Our objethves are to obtsln reasonable assurance about whether trE finandal ststements as a whole are free from material rnisststement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. ReasonatAe assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when tt exists. Misststements can arise from fraud or error and are consldered materlal If, IndIdUallY or In the aggwte, they could reas¢)nably be expected to Influence the economic decisions of users tsken ¢)n the basis of these financial statements. IrregUlarle$, Indudlng frdud, are InStsn of non-compr1an vAth law5 and regulatFms. We design procedures in line with our reswnsibilities, outtined above, to detect material mlsststements In pect of Iwularltles, includlrKJ fraud. The extent to whlch our procedures are capable of detecting irregularits'es, indudiTrJ fraud is detsiled below: The Charity is required to comply with chartty law and based on our knowledge of its acbvities, we identified that the legal requirement to accurately account for endowment funds was of key signlfiCan. We gained an understanding of how the charity complied with its legal and regulatory frameworK Includi the requirement to properly account for endowment fvnds, through discussior6 Wtth management and a remew of the drUMented policies, procedures and controEs.
Page 18 INDEPE AND L• The audit team, whith is experienced in the audit of chaiities, considered the Charit5 susceptibility to material misststement and how fra may occur. Our considerations induded the risk of management override. Our apprCCh was to theck that all income was property Identifietl and accounted for and to ensure that only valld and appropriate expenditure was charged. Thls Included revSevAng Joumal adjustments and unusual transact5ors. A further description of our responslblllties for the audit of the finanaal ststements Is located on the Flnanaal Reporting Council's YbSIte at: s. This descripb'on foms part of r audltorfs report. Use of the audlt report Thls report Is made solely to the charitvs tnjstees, as a body, In accordance with Part 4 of the CharStles (Accounts and Reports) Regulations 2008. Our audlt Vrk has been undertaken, so that we might stste to the charws trustees tfrK matters we are reqUId to state to them in an audltorfs report and for no other purpose. To the fijllest extent permitted by law, we do not accept or assume responsitmlity to anyone other than the tharity and the tharivs trustees as a body, for our audit worl for thls report or for trE oplnlons we have fonned. Rlchard Billlnghur5t 65 Leadenhall Street KNOX CROPPER LLP Chartered Accountsnt8 Knox Cropper Is ellglble for appoinknient as auditor of the Charity by vlrtue of Its ellglblllty for appolntment as audltor of a cunpany under sectton 1212 of the Companies Act 26.
Nrria
Page 20 L• 2022 2021 FIXED ASSErs Invethent Prop&Ues Investsnents 8,082,6(K) 3 689 512 7,505,100 3 827 399 11.772,112 11,332,499 CURREKfASSErs Debtors Cash at Bank and In Hand 472,256 503,757 526,9)2 788,148 CREDrroRS Amounts falllng d.ue wlthln one year io 41,661 148,680 CREDrroRS Amounts falling due after m(Ye than one year NEf ASSETS li 820 318 10,993,455 10,571,371 Represented by: UNREsfRICTED FUNDS 2,453,766 2,247,849 PERMANEpif ENDOWMEprr 8,539,689 8,323,522 TOTAL FUNDS 10,993,455 10,571,371 Approved by the Trustee on IS .S.y.ltsLz.<.. 2023 and signed on tr1r behalf. Revd T Sander Chair, ft)r and on behatf of The St-Giles-in-treIds and William Shethn Educational Trustee Limited
Page 21 YEA ACCOUNTING pouaES a) Basls of Preparntlon and Assess of going concern The accounts have been prepared under the historical cost COnventn with the exception of investments which are induded at market value. The financial statements have been prepared in accordan with the Statement of Recommended Practice: Accounting and ReportiNJ by Charttie5 preparir¥J their accounts in accordance th the Flnanclal Reportlng Stsndarts appllcable In the UK and Republlc of ]land (FRS 102), the financtal Repoyting Star)dard applicable in the United Kingdom and Republlc of Irdand (FRS 102) and the aritieS Act 2011. The Charfty consbtits a publlc benefit enw as defirEd by FRS 102. The Trustee considers that there are no matwlal uncwtslntles about the tharft¢s abllity to contlnue as a goSng conrn. In fomilThJ thls oplnlon, It has consldered the Impact of the COVID-19 pandemic, the war in Ukraine and the current economic climate on the carylng value of Its assets and Ilabllltles and fvtU Income streams and expenditure for period of at least twelve months from tre date of approval of these flnanclal statements. b) Fund• General funds represert the fijnds of the (J)arity that are not subject to any rethct5ons regardlng thelr use and are avallable for appllcatlon to the general purw)ses of the Chartty. Funds designated for a particular purpose by the Charity a unrestrtcted. Restrlcted Funds are funds whlch are used In accordan wSth specific restrictions Imposed ty don0, or b%hich have been raised by the Charity for a particular purpose. Pemanent endowment fijnds are invested in properties and listed inve5trnents. Net Income generated by the Investrnents representlng the pemianent endowment fijnd are for the general purposes of the Charity whereas its capital must be maintained. c) Ino>me All Income Is recognised On trE (harity has entitlement to trE Income, It is probable that the income will be received, and the amount of income receivable can be measured reliably. Income from Investsnents Rentsl Income from investment properties rs recognlsed on a straight-line basis over the lease term. The a9gregate cost of lease inntiveS is recognised as a reduction to Income over the lease temi on a straight-line basis. Interest Income Is accounted for when r&elved as ts ary Income tsx recoverable on such income.
Page 22 THE ACC Isf DECEMB 202 ACCOUNT114G POLICIES {Contlnued) d) EXpdItre abi15tles are recognlsed as expendtture as soon as there is a legal or constructlve obligatjon commStting the Charity to that expendlture, it is probable that s&tlement will be required, and the amount of the obligatton can be measured reliabty. Al expendlture is accounted for on an accruals basis. Al expen induding support costs and goveTran costs are allocated or appOoned to the applicable expenditure headings. ExFendlture In relation to multi-year grants is accounted for In the year In whlch the grants are aVrded. Investment properties are stated at fair value as detenmlned by the Trth, arKI they are profe&sionalty valued e4ery fve year5. Investments are a fom) of bastc flnarKlal investment and are initially recognlsed at thelr transaction value and subsequenty measured at falr value as at the balan sheet date using the closing quoted market prlce. The ststent of financlal athtles Includes the net galns and losses arising on revaluations and disposals throLMJhout the year. Realised galns and losses on investments are calculated as the dIfferen beeen sales proceeds and their opening carylng value or their purchase value if acquired 9Jbsequent to the fitst day of trt financial year. Unrealised gains and losses a calculated as the differen between the fair value at the year end and thelr carrylng value. g) Current Assets and Uabi1SUeg All known current assets are brought Into the accounts at the amounts which they are experted to reallse. All known Ilabllities are Ixought into the accounts at thelr exed h) VAT The Charfty has opted to tax two of its investment propertles. Income and experKllture rdated to these is Indled net of VAT. i) Significant Judgements and Estimates Depreciatton - The depredation of fixed assets Is based on managemenvs estimate of trEir useful lives vthith is kept under revlew. Impairment of debtors - In respect of accounts where there are indications that a debtor may be Impalred or not cdlectible, a provsion is recorded based on best esttmates to ru the re1Vab balan to the amount that is e>petted to be colletted. Factor5 considered in maknng a promsion Indude the historical paYMt and collection experience and debtorg credit worthiness.
Page 23 INVEsfMEKf INCOME 2022 2021 Rental Income Interest Receivable 357,605 358,408 EXPENDrnIRE ON Pernianent 2021 Total a) RAISING FUNDS Funds Total Propaty Management Fees Insurance Property Malntenan Bank Loan Interest Legal and ProfeSonal Fees 4,692 4,692 323 240 14,969 3,122 21,007 3,122 21,007 b) CHARrrABLE AcrIvrrIES 2012 2021 Grants Awarded Abbey Community Association Addresslng Dlgltal Dlvlde Cardinal Hume Centre Caxton Youth Centre Chlldren's Literacy Charfty Covld Educatlon Recovery Progrdmme Dragon Hall Family Lives. Famity Therapy Holborn Communlty Assodatlon Impact Dance LCRF - Rathbone Amateur &)xing London Basketball As%xiation Mwsetrap Theatre Muslcal &)roughs Trust Pimlico Foundation Pimlico Musical Foundatlon Pimlico Toy Libra Positive Vlew Royal College of Muslc Royal Philharmonic OrctEstra Speech & Language ThaPY prcMJramme Soho Parish School 45,000 45,000 10,000 398,557 39,000 37,500 51,535 2,445 10,000 12,000 38,258 45,000 3,000 10,000 8,803 3,000 3,000 45,000 45,000 10,000 2,212 32,366 8,720 Carried Forward 249,425 620,164
Page 24 R THE YEAR EN EXPENDrnJRE ON (Contlnued) b) CHARrrABLE ACTivrriES (contlnued) 2022 2021 Grnnts Awarded {contlnued) Brought forward SouthWestFest St Andr&rfs Club st Bamabas COE Primary School¥ st Matthevls COE Prlmary School st vinnt'S Family Proje Theatre Haymarket Masterdass Westmlnster Befrlend a Famlly (tVO grants)" Westrnlnster Early Help West Side Basketball aub Young Westminster Foundatlon - Brfghter Futtires Fund 249,425 1,599 620,164 3,000 3,000 45,000 1,560 45,000 3,000 51,350 4,500 8,5(Kl 315,574 889,862 Grants to IndrdualS Grants Written Off 8,295 811458 Clerks Salary and Social Securfty Grant Officer Costs and Expenses Membershlp and Tralnlng Office & Sundry Expenses Audit Fee Professlonal Fee5 47,023 3,814 2,278 10,288 3,766 34,091 2,070 1,214 7,931 3,090 466 376 917 860 320 Multi Year Grants The Audlt fee amounted to £3,766 (2021: £3,090).
Page 25 KEY MANAGEMEKf PERSONNEL Key Management Personnel is defined as the Director5 of the Trustee and the aerk to the Trustee. None of the Trustee's Directors received any emoluments. The emduments of the Clerk to the Trustee, who served during the year, were as follows: 2022 2021 Emoluments 34,754 30,095 Total travellsundry expenses relmbursed to the TrUStS EMPLOYEE INFORMATION There were no employees who reIVed employee benefits exceedlng £60,000 (2021: None). The average YklY number of persons (IrKludlng the aer* to the Trustee) employed durlng the year was: No. of Stsff Salarfes and Benefits Soclal Security Employer Pension Contributions 42,062 3,911 30,805 2,482 47,023 34,091 FIXED ASSEfs lNVEsfMENT PROPERTIES Total 2022 Total 2021 Funds 2022 Funds 2022 Balance at l January 2022 Revaluatlon Transfer Balance at 31 December 2022 2,954,354 227,331 4,550,746 350,169 7,505,100 577,500 8,129,600 (624,500) 494,993 7,587,607 8,082,600 7,505,100 The above is rewesented by the following freehold properties valued as at 31 December 2022 by Fisher Gemian (Aitcroft Street), and as at 31 December 2021 by Wards Chartered SuNeyors (Casue Street) and at March 2012 by Farebrothers (Parker Street). The valuatior of Flitcroft Street and Castle Street were carried out by a RICS Registered Valuer in accordance with 'RICS Valuation - Professional Stsndards 2014 Edition (Revised April 2015),. The Transfer repre$ts the reanatysls perfomied In the year to ensure that the Endowment fund is represented predominantly by the Invesiment Property, Sin this is considered to offer greater protectlon to the capital. Additlonalty, thls means that a greater proportion of the Unrestritted Funds are retained as Inve5trnents, whith are easier to liquidate If needed.
Page 26 ljh This transfer was apFxoved by a)arities Commission, and £494,993 of the value of the propety was retsined In Unrestrlrted Funds to cover the remaining liablllty of the secured loan. The breakdown In value of the dlfferent wopertles for Dec 2022 Is as foltOV#S: 12 Hltcroft Street 17 Castle Stre¢ HirKkley 4042a Parker Street, London WC2 7,710,CM)O 370,CM)O 8 082 600 FIXED ASSETS INVEsfMEKf PROPERTIES COMPARATIVE Unrothrt•d Endowm•rt Total Funds 2021 Funds 2021 2021 Balance at l January 2021 RevaluaUon Balance at 31 Decemb 2021 3,200.186 4,929,414 8,129,600 2,954,354 4,550,746 7,505,1(M) The breakdown in value of the dlfferent prcowfjes for Dec 2021 Is as follovts: 12 Hltcroft Street 17 Castle Stre< Hlnckiey 4042a Part(er Street. London WC2 7,132,500 370,000 7 505 100 FIXED ASSET INVEsfMEpirs 22 Unrestrictad Pemanent 2022 Fund• Endowmert Totsl 2021 Market Value at l# January 2022 DisFosal PrcKeeds Transfer Realised Gair(LOsSes) in Year Unrealised Gainsl{Losses) In Year Market val at 31# December 2022 107,8Y3 3,719,546 3.827,399 3,583,579 (190,000) 1633,463 (1633,463) 92,489 341331 3 827 399 737 430 3 689 512 The portfolio consists of units hdd in Towe Watson Partnas Fund for investors a long-temi investment time horizon.
Page 27 DEBTORS Amounts fallin9 due within on¢ year 2022 2021 Connected Charfty (note 13) Grant Refund Propety Agents Accrued Rental Income 8,071 4,899 110,274 111,394 151917 149 865 Amounts falling due In more than one year Accrued Rental Income Tenant Deposlt Accourt 16,667 303 672 50,239 303 653 353 892 503 757 CASH AT BANK AND IM HAND Current Account Unlty Trust Accounts 50,175 48,361 236 030 10. CREDrroRS: Amounts falllng due within one year Trade Creditors VAT Grants Payable (Note 12) Accruals Deferred Rentsl Income Unlty Trust bank loan 5,268 21,358 327,778 3,951 103,558 4,535 21,382 468,877 3, 180 118,201 11. CREDifoRS: Amounts falling due after more than one year 2022 2021 Grants Payable (Note 12) Unity Trust bank loan Tenant Dep)s 45,IX)O 471,665 114,950 491,205 303 653 820 318 The bank loan is secured on the apiivs propety at 12 Hitcroft Street arKI is repayable over 23 years. lrterest vlll be charged at 2.75% per annum over Unlvs base rate, subj'ect to minlmum charge of 2.75% per annum, per the Nprlatlon slgned on 7th Juty 2020.
Page 28 -FIELD R THE YEAR E 12. GRAKfs PAYABLE Annual Grnnts Multl Year Grnnts Totsl Balan Brought FoThYard Grants Awarded Grants Paid Grants to Le Refunded Grants Wrltten Off Balance Carried Forward Creditors - Amounts Falling Due within One Year Credltors - Amounts Falling Due after more than One Year 41,915 180,573 (165,641) 541,912 135,OCX) (343,334) 583,827 315,573 (508,975) 56,847 315,931 372,778 56,847 270,931 327,778 315 931 372 778 13. CONNEcfED CHARrriES The St Glles-in-the-Flds Parochlal (hadtles whlth comprise: . St Glles-In-thtrFlelts and 81oomsbury Unlted Char1ty' St Giles-in-the-fields and William elton Educational Chartty; are related because they have dlrectors In common, although any transactlons between the Charltles are at arm's length. St cleS-1n-the-F1elds and Wllllam Shelton Charlty Incurred costs on behatf of St Glles-In-thtrFields and Bl¢X)msbury Untted Charfty amounting to £22,197 (2021: £19,775). At the yearnd £8,071 (2021: £4,899) was owed to the Charity as disclos1 in rK)ts 8. The Charity also pald £3,150 to the St ales-In-thtrNelds Parochlal a)urch Coundl for rentsl of Offi Spa (2021: £3,150). 14. NET ASSETS BEfwEEN FUNDS Unrestskted Endowment Funds Funds Totsl 2022 Investrnent Properties Investments Current Assets Creditors 494,993 2,737,430 526.902 1305 559 2 453 766 7,587,607 952,082 8,082,6CX) 3,689,512 526,902 1305 559 10 993 455 NEf ASSEfs BETWEEN FUNDS. COMPARATIVE Unrestricted Endowment Funds Funds Total 2021 Investmert Prwbe5 Investrnents Current Assets Creditors 2,954.354 107,853 734,918 I9276 2 247 849 4.550,746 3.719,546 53,230 7,505,1 3,827,399 788,148 1549 276 10 571371 8 323 522
Page 29 . HARTrY FOR THE YEAR ENDED 15. RELATED PARTY TRANSACTIONS There were no related party transactions during tr£ year. 16. corirINGENT LIABILrriES At 31SL December 2022 arKI 31° December 2021, there were no known contlngent liabilltles. 17. CAprrAL COMMrrMEKrs At 31st December 2022 and 31st December 2021, there was no capltal expendlture that has bn contrarted for but not prOlded for in the Finanoal Statements.